The mortgage crisis in America has become the economy's leading concern. A large number of your clients will find themselves needing a Loan Modification Plan to stop foreclosure. This seminar will help teach you the best modification methods for multiple scenarios and the pros and cons of short-selling.
Most importantly, if you are accepting an advance fee from your client when pitching loan modification services you must have an Advance Fee Agreement approved by the California Department of Real Estate Commissioner.
This seminar will help walk you through the process to get approved, provide you with the proper paperwork and show you how to avoid penalties.
See www.loanmodseminar.com for details
The following topics will be discussed:
· Violations & Penalties assessed against a broker without an approved advanced fee agreement
· Legal Ramifications & Elements of an Advanced fee agreement
· Lear how to get your advanced fee agreement approved by the DRE
· Under what circumstances would your client need a loan modification?
· Helpful underwriting tips to qualify your loan modification clientelle
· Broker's Guide to understanding basic Trust Accounts
· Discussion of outsourcing your loan modifications to a DRE approved Broker
· Synopsis of recent legislation passed by Congress
· Short Sales are here to stay. What you need to know
· Discussing how to close a Short Sale listing
· How to legally obtain an up-front fee for Short sales.
· (Recruiting) offering something new to the agents.
· Double ending most of your listing
· Offering up a (USP) Unique Selling Prepossession) Guarantee to get the phone to ring.
· Under what circumstances would you want to audit your Client's loan files?
· Self-auditing tips any Broker can use on their client loan files
· Broker's Guide to understanding Truth in Lending and RESPA
· Discussion of Attorney outsourcing service for loan audits (and the AFA crossover)
· RESPA Section 6 (Tips and tricks in making a Qualified Written Request)
· Truth in Lending Legal Update
· and More
Some Of What You Will Learn
· How to get an advanced fee agreement approved by the Department of Real Estate
· Most effective types of loan modifications or short sales
· Qualifications for a loan modification or short sale
· How to prepare a loan modification or short sale
· Loan modification tools needed
· Loan modification and outside sources
· Loan modification timelines
· Penalties for not operating with Department of Real Estate approval
· Recent emergency legislation affecting the housing market
See www.loanmodseminar.com for details
Allen Brodetsky, Real Estate Broker will discuss the following critical topics:
Violations & Penalties assessed against a broker without an approved advanced fee agreement
Legal Ramifications & Elements of an Advanced fee agreement
Lear how to get your advanced fee agreement approved by the DRE
Under what circumstances would your client need a loan modification?
Helpful underwriting tips to qualify your loan modification clientelle
Broker's Guide to understanding basic Trust Accounts
Discussion of outsourcing your loan modifications to a DRE approved Broker
Synopsis of recent legislation passed by Congress
and More
Steve Vondran, Attorney will discuss "Loan Audits and the Legal Side of Loan Mods" including the following critical topics:
Mr. Vondran will discuss services typically provided by brokers and contrast that with the "pre-litigation" loan modifications he is pursuing on behalf of his California and Arizona clients. This tract will go into detail discussing what Mr. Vondran looks for when conducting a loan audit, and how lenders have responded to his approach.
To illustrate, he will discuss many of the following items (time permitting) which should help you obtain a better understanding of some of the liability issues the lenders (and some predatory brokers) may be facing. The seminar should give brokers and homeowners a better understanding of the issues that can be raised in the loan modification context.
For example he will discuss borrower rights and remedies relating to some of the following topics:
(01) Did each borrower or person with ownership interest get two copies of the Notice of Right to cancel with the Rescission date filled in? (Federal Truth in Lending requirement - TILA).
(02) Were the material TILA disclosures made, and were they accurate if made (APR, Finance Charge, Amount Financed, Total of Payments). If these disclosures were not or defective in nature, an extended three year right of rescission exists.
(03) Were the good faith estimate and preliminary truth in lending statements given to the borrower within 3 days of giving the loan application? (if not, a right to rescind may exist).
(04) Were advance fees improperly collected?
(05) Was the broker/loan officer properly licensed at all stages of the loan origination process?
(06) Was the ARM / Option ARM / Negative Amortization Loan accurately disclosed in the note and adjustable rate rider?
(07) In a non-purchase loan, did the borrower receive the required three day right to rescind?
(08) After the broker ran the credit, were the FICO scores disclosed and factors affecting risk properly disclosed?
(09) Can the lender produce the promissory note and prove it has the right to collect the debt?
(10) Is the note and riders clear and comprehensible (or do we have grounds to argue that a contract was never formed - that there could be no meeting of the minds)?
(11) Unfair Competition - If we find a violation of RESPA, Truth in Lending or HOEPA, or other law, do we have grounds to assert that the lender has engaged in unfair, deceptive and/or fraudulent business acts and practices and seek the imposition of a constructive trust forcing the lender to disgorge any ill-gotten gains or to seek an injunction?
(12) Were the loan documents properly signed, executed and notarized?
(13) Option Arms / Negam Loans: We will review whether or not these loans are predatory in nature and potentially unconscionable. The terms of the note and adjustable rate rider may conflict making it virtually impossible to properly disclose this in a truth in lending statement.
(14) Is the loan unconscionable and thus unenforceable?
(15) Was their any fraud, deceit or undue influence used against the elderly?
(16) If the lender targeted minority groups, were the contracts negotiated in the language of the borrower?
(17) Was there predatory underwriting on stated income loans (i.e. underwriter did not verify borrowers stated income via salary.com or in another manner as required by their internal policies - turning a blind eye and not following their own underwriting policies to get a loan done)
(18) Were there excessive fees that Violate HOEPA? Or YSP fees that are predatory in nature that feathered the nest of the broker at the expense of the borrower?
(19) Was the borrower asked to sign conflicting disclosures or documents such as two different ARM disclosures or two different truth in lending statements that reflect two different APR's or Interest rates (evidencing potential bait and switch or loan fraud practices)?
(20) Are there any other legal grounds to prevent foreclosure on the property and/demand a favorable loan modification?
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